"I think a critical thing is expectations. And if the words that they provide in this survey begin matching consumers' actions -- meaning that they stop buying homes and cars -- then this one leg that's been keeping the economy up is going to buckle.

That's what we have to watch. I've seen these consumer surveys weakening, except they've still been buying houses and cars. There's very little margin for error here. Both consumers and business managers are having their confidence tested not only by the economy but also by the geopolitical uncertainty."